IL JIN Electronics, Material Subsidiary of Amber Enterprises, to Acquire 19.92% Stake in MoMagic Wireless for Rs. 25 Crore

IL JIN Electronics (India) Private Limited, a material subsidiary of Amber Enterprises India Ltd, has entered into a Shareholders’ Agreement and Share Subscription Agreement with MoMagic Wireless Private Limited, MoMagic Technologies Private Limited, Mr. Arun Kumar Gupta and Ms. Ritu Gupta. Through these agreements, IL JIN will subscribe 51,52,938 equity shares of MoMagic, representing 19.92% of the equity share capital of MoMagic, for a total purchase consideration of Rs. 25 Crore in one or more tranches. MoMagic is a Delhi based company established in 2025 and engaged in the business of designing, developing and supplying of wireless Communication Modules e.g. Cellular, BLE, Wi-Fi, etc. and undertaking research and development activities relating to Wireless Communication Modules. The acquisition is strategically aligned with IL JIN’s objective of entering the rapidly growing Internet of Things (loT) domain and enhancing its expertise in module design and development.